SKS Microfinance rose 3.28% to Rs 300.45 at 11:53 IST on BSE after a foreign brokerage initiated coverage on the stock with an overweight rating.
Meanwhile, the BSE Sensex was up 53.24 points, or 0.20%, to 26,613.39.
On BSE, so far 7.95 lakh shares were traded in the counter, compared with an average volume of 3.01 lakh shares in the past one quarter.
The stock hit a high of Rs 304.80 and a low of Rs 293 so far during the day. The stock hit a 52-week high of Rs 309.90 on 2 June 2014. The stock hit a 52-week low of Rs 102 on 28 August 2013.
The stock had underperformed the market over the past one month till 27 August 2014, rising 1.36% compared with 1.66% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 5.04% as against Sensex's 8.19% rise.
The mid-cap company has an equity capital of Rs 125.94 crore. Face value per share is Rs 10.
The foreign brokerage said that Indian microfinance industry has $90 billion demand potential. SKS Microfinance is in a better position than most peers, it added.
SKS Microfinance's net profit surged 892.4% to Rs 49.32 crore on 33.7% increase in operating income to Rs 144.36 crore in Q1 June 2014 over Q1 June 2013.
SKS Microfinance is a non banking financial company - micro finance institution (NBFC-MFI), registered and regulated by the RBI, whose mission is to provide financial services to low-income households. SKS operates across 15 states of India. They include: Andhra Pradesh, Karnataka, Maharashtra, Odisha, Madhya Pradesh, Bihar, Uttar Pradesh, Rajasthan, Uttaranchal, Haryana, West Bengal, Jharkhand, Chhattisgarh, Kerala and Punjab.
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